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Is a family member your best bet for estate executor?

On Behalf of | Jun 30, 2022 | Estate planning |

When choosing your executor for your estate, you want to pick someone who will not let you down. This person should have your trust and should think in a way somewhat similar to you.

However, they should also have what it takes to fulfill the duties of an executor. Unfortunately, not every trusted family member will remain a perfect fit after taking that into consideration.

The weight of funeral and asset management

Forbes discusses the duties of an executor. Executors have many more responsibilities than most people may think. First, they have the duty of managing your funeral. This means handling how you want your body treated after your death, managing any funeral ceremony and paying for it with estate funds.

Then, they must work with other members of your estate or legal teams such as your financial advisor or attorney and pay off any outstanding debts. They should also end any services that you no longer need to pay for while maintaining necessary services. For example, they could cancel internet service while still paying for the power bill.

After that, they also have to deal with your mourning loved ones by dividing your estate and distributing it to your beneficiaries. This is often a long process fraught with emotion and financial stress.

Necessary skills

Executors should have a fine understanding of time management, self-managing, organization, coordinating with other people or teams, social skills and more. They need a strong sense of responsibility and must fully understand how important their work is, and how much they have to do. If your loved one does not fit the bill, then you may want to reconsider appointing them to the task.